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What you should know.
Q: Why should I pay to have a professional prepare my taxes?
A: Tax software providers say that you no longer need a tax advisor because the software does the work. Tax preparation requires professional judgment … the software, at its best, puts the information in the right place and does the arithmetic. In our opinion, production tax preparation companies pay minimally trained tax preparers to produce very conservative, not always cost effective tax returns.
Q:Why shouldn't I represent myself during an audit?
A: Taxpayers often provide too much information to auditors and may increase the scope of the audit. The situation may then degenerate into a fishing expedition for the IRS … clever auditors often catch their limit.
Q: How can I decrease my tax burden?
A: There is no cookie-cutter answer to this one. The answer depends on your total circumstance. A knowledgeable tax advisor will understand your situation and apply his judgment to arrive at an appropriate answer.
Q: What factors should I consider when choosing my accountant or tax advisor?
A: You should :
• be available and willing to answer questions.
• get to know and understand your situation.
• answer questions that don’t require research at no charge.
• know when the answer isn’t simple!
• always tell you in advance if you are being charged.
• be interested and professional enough to do an exploratory interview with you each year to determine whether your tax circumstance has changed.
You should not :
• assume this year is the same as last year.
• rely on you to make that assessment.
• delegate the information gathering process to a non-professional.